Supertanker from U.S. to China chartered for $76 million: Source
A supertanker has been chartered for $76 million to transport oil from the U.S. to China, a significant increase from the typical $7-10 million rate. The surge in shipping costs is attributed to a shortage of available tankers caused by ongoing geopolitical tensions in the Middle East.
Why it matters
Rising shipping costs for energy commodities can lead to increased fuel prices and inflationary pressure on the global economy.
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A supertanker was recently chartered to sail from the U.S. Gulf Coast to China for $76 million, a source familiar told CNBC, as shipping costs soar globally due to the crisis in the Middle East.
The Alexandros was chartered by the trading firm Trafigura and is expected to load around Nov. 19, the source said. A normal rate for the route based on pre-war levels would be $7 million to $10 million.
The cost of the journey comes to $38 per barrel of oil assuming the tanker holds 2 million barrels. Shipping costs have exploded as the war in the Persian Gulf has led to a shortage of available tankers.
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